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INCOME TAX SLAB RATES 2012-13

INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2012-2013-UNDER SECTION 192 OF THE IT ACT,1961.

AP Teacher INCOME TAX SOFTWARE 2012-13 DOWNLOAD (Updated on 16/02/2013)

INCOME TAX SOFTWARE 2011-12 DOWNLOAD(Last Year)

 

                     Reference is invited to Circular No.08/2010 dated 13.12.2010 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961(hereinafter the Act), during the financial year 2010-2011, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2011-2012 and explains certain related provisions of the Income-tax Act. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department-

2. FINANCE ACT, 2012

As per the Finance Act, 2012, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head "Salaries" for the financial year 2012-2013 (i.e. Assessment Year

Normal Rates of Tax for 2012-13:

1. Where the total income does not exceed Rs. 2,00,000/-. NIL
2. Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the  amount by which the  total income exceeds Rs. 2,00,000/- 
3. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.  Rs. 30,000/- plus 20   per cent of the amount  by which the total  income exceed Rs. 5,00,000/-.
4.Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs.10,00,000

Rates of Tax for women : 2012-2013

1. Where the total income does not exceed Rs. 2,00,000/- NIL
2. Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
 3. Where the total income exceeds  Rs. 5,00,000/- but does not exceed   Rs. 10,00,000/-.               Rs. 30,000/- plus 20   per cent of the amount  by which the total  income exceed Rs. 5,00,000/-.
 4.Where the total income exceeds  Rs. 10,00,000/-. .   Rs. 1,30,000/- plus 30  per cent of the  amount by which the  total income exceeds Rs.10,00,000
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